75-785. Exceptions to application of act.

286 words·~1 min read·/ks/chapter-75/75-785

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

75-785. Exceptions to application of act. The provisions of this act shall not apply to a:

(a)Provider that is a depository institution or its parent company or a subsidiary or service corporation that is:

(1)Owned and controlled by a depository institution; and

(2)regulated by a federal banking agency;

(b)provider that is a lender regulated under the federal farm credit act, 12 U.S.C. § 2001 et seq.;

(c)commercial financing transaction that is:

(1)Secured by real property;

(2)a lease; or

(3)a purchase money obligation that is incurred as all or part of the price of the collateral or for value given to enable the business to acquire rights in or the use of such collateral if such value is so used;

(d)commercial financing transaction in which the recipient is a motor vehicle dealer or a vehicle rental company, or an affiliate of a motor vehicle dealer or vehicle rental company or an affiliate of such a company pursuant to a commercial loan or commercial open-end credit plan of at least $50,000 or a commercial financing transaction offered by a person in connection with the sale or lease of products or services that such person manufactures, licenses or distributes or whose parent company or any of such parent company's directly or indirectly owned and controlled subsidiaries manufactures, licenses or distributes;

(e)provider that is licensed as a money transmitter in accordance with the Kansas money transmitter act or the law of any other state, district, territory or commonwealth of the United States;

(f)provider that consummates not more than five commercial financing transaction transactions in this state in a 12-month period; or

(g)commercial financing transaction of more than $500,000.